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Commodities Briefing - Categorized | Oil, Trading more

OPEC to cut exports by most in seven months, Oil Movements says

Posted on 02 August 2013

The Organization of Petroleum Exporting Countries will curb shipments by the most in seven months as refiners begin seasonal maintenance while summer demand for driving fuel ebbs, tanker-tracker Oil Movements said.
The group, which supplies about 40 percent of the world’s oil, will cut exports by 500,000 barrels a day, or 2 percent, to 24 million barrels a day in the four weeks to Aug. 17, the researcher said today in an e-mailed report. It’s the biggest reduction since early January. The figures exclude two of OPEC’s 12 members, Angola and Ecuador…………………………………..Full Article: Source


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